GREENSBORO DAY SCHOOL | 3 | 2015-16 ANNUAL REPORT Total revenue for the 2015-16 school fiscal year was $15,510,228 and expenses were $15,394,447. These numbers generated a small operating surplus, which will provide support for the 2016-2017 budget. Thanks to Mark Hale, Pam Hemphill, Chief Financial Officer, and the entire GDS senior leadership team for their continued expertise and diligence in the strategic financial management of the school. Revenues for the year included over $550,000 in (tax-deductible) donations to the GDS Annual Fund. The Annual Fund is a critically important part of the school’s operating budget. Thank you to the 939 donors who made the year successful, including the GDS Board of Trustees, who provided significant financial leadership during the campaign with over $70,000 in giving. It’s important to note that this outcome could not have been achieved without the tireless and selfless leadership of Marianne and Jim Bennett, GDS parents and 2015-16 Annual Fund Chairs. The board extends sincere thanks to both Jim and Marianne, Tommy Webb, Emily Thompson, and the entire Advancement staff. Our board this year is comprised of 25 trustees who serve on at least one of seven board-level committees, which include: Finance, Building and Grounds, Audit, Investment, Advancement, Committee on Trustees, and Executive. We are proud to note that this year’s board includes four GDS alumni, three of whom chair board-level committees. The board meets six times annually, and more than thirty board-level committee meetings are held each year. Each committee, working with the school administration staff, sets goals for the school year that are aligned with high-level strategic goals set by the board. Significant accomplishments during the recent school year include: ongoing work on campus security and safety, comprehensive expense review and budget preparation, working with the school’s external accounting firm (Dixon Hughes Goodman) to complete the financial audit and IRS Form 990, onboarding a new investment manager (Alex. Brown), revision and update of the GDS Investment Policy Statement, supporting the school’s ERISA compliance firm (Lockton), supporting the Annual Fund campaign and the McLendon Society planned giving program, review of the Building & Grounds Capital Planned Replacement budget, and execution of the head-of-school evaluation, board evaluation, and trustee nominating processes. It was a busy year, with more meaningful work to come. In closing, please join me as both board chair and as a school parent in personally thanking the school’s trustees, educators, and staff. They have given so much during the recent year to ensure that Greensboro Day School remains one of the leading independent schools in the country. Sincerely, Jack Whitley, Chair Greensboro Day School Board of Trustees Dear GDS community, Greensboro Day School was founded 47 years ago by a group of committed and prescient leaders. In their vision, they saw the importance of setting up the school as as a 501(c)(3) non-profit corporation, complete with a highly-engaged and functional board of trustees. Nearly 50 years later, the 25 trustees comprising the current Greensboro Day board are just as committed and engaged as the founders were when the school was started. The GDS board is responsible for the school’s strategic planning and oversight, for financial and regulatory compliance, and for designating and supporting the Head of School – all to ensure the successful execution of the school’s mission. With respect to the GDS annual report for the 2015-2016 school year, the board can report that Greensboro Day School is in strong financial shape, and has the strategic flexibility needed to flourish in the future.